Dubai has become one of the most popular investment places in all over the world. Buying property in Dubai is the dream of almost every investor due to the high ROI and marvelous opportunities the city offers. Apart from luxurious villas and commercial property, off-plan property is another great option that ensures impressive future prospects and promises expected benefits. However, new buyers can commit some fatal mistakes as they lack in experience and basic market knowledge. Here are some tips by real estate experts which would surely help you to get an ideal deal.
Tips to Buy an Off-Plan Property in Dubai
Every investor wants to make the most of his investment and it’s possible when you follow necessary measure while making a deal and don’t rush to a fancy deal without prior research. The more careful you will be, the lower would be the risk of loss.
Research the Developer
It’s your investment and all the benefits and losses are also yours. Before signing a deal, research about the developer and check his reputation. Search about the delivered projects and quality and also investigate about any fraud or complaint registered against him. Never trust a new developer and always go for an experienced one who has good reputation in the market no matter your investment is big or small. Check the track record of projects he has handover and don’t hesitate in asking questions about the quality. If you can personally visit the recent project done by the developer, then go and witness the place without giving it a second thought.
- Delays aren’t Unexpected Situations
Delays are very common in off-plan property and over 50% of off-plan projects in Dubai have completed later than the promised date. It can even take over six months to one year of time in the completion of project. So, don’t be surprised if the project is delayed or canceled entirely. If you have other plans related to this project, then don’t rely completely on it and ensure there are some alternatives you have to avoid any uncertain situation in the end.
Consider Your Financial Situation
Your financial situation should be secured and you must have good investment plan before buying an off-plan property. Usually, you have to pay 20-80% of the total amount in advance and remaining after the completion of the project. Make sure you have amount to pay advance and access all possible risks before you make the plunge. Once the project is completed, you immediately have to pay remaining amount so get the ownership of the property.
Project Quality is Important
Without quality, the property can’t give you expected ROI. Check the quality of the property and meet investors who have already bought property from the same developer. It often happens that investors just visit the website and believe that the actual would be same as shown in the pictures.
Compare Amenities of Different Investments
The requirements of families are different from the requirements of bachelors. If you are buying off-plan property for living with family, then make sure important amenities such as school, hospital, and parks are present near it. Otherwise, you may face several issues in future and fail to garner expected benefits.
Reasons to Invest in Off-Plan Property
Dubai offers multiple reasons to invest in off-plan property among which a few of them are mentioned-below.
Impressive ROI: Dubai is among the rapidly growing economies in the world and off plan properties have a great value and future prospects. Even if you pay out payment in stages or installments, the value of the price rises alongside the rising market which ensures high ROI of your investment.
Trouble-free Sale of Incomplete Contracts: As mentioned earlier, property in Dubai has great demand and future prospects which makes property sell process quite an easier task for the seller. If the project isn’t completed yet and it’s situated in a popular area, then you can sell contract without facing any issue that is also another great benefit of buying off-plan property in Dubai.
Complete Property Protection to Buyer: UAE Real Estate Department provides complete protection to buyers. It’s introduced the feasible property policies which are highly favorable for both buyer and seller and ensures complete protection against fraud. The department has also devised new policies for EXPO 2020 which would pave new opportunities for real estate investors and would help them to invest in new and on-going projects.
Dubai’s real Estate market is full of lucrative deals while the tax-free policies of their government has made buying and selling process quite easier. Buying an off-plan property is a decision that you won’t regret ever as it promises great ROI.